Bitcoin markets are continuing to be slightly bearish as support for $1700 levels was breached earlier through the day. BTC/USD prices did drop down to $1650 price levels, yet the recovery from those levels was relatively swift with an upward spike pushing prices back around $1700 shortly after the fall.
Major Signals
- Traders are perhaps losing some of their faith to the potential bitcoin’s price holds for a recovery.
- Volatility has become a major factor in markets as BTC/USD rates noticeably swing towards both directions several times through the day.
- Trading volumes are up from preceding trading sessions yet this hadn’t managed to help support withstand selling pressure.
OKCoin BTC/USD weekly futures charts showcase that futures traders are continuing to help maintain large spreads between futures rates and live BTC/USD prices. Yet, the recent fall in live markets wasn’t directly mirrored by futures rates, thus closing the $200 spread by a notable margin.
Overall, markets are sure under some pressure. This becomes especially visible now that the recovery pushing BTC/USD rates back above $1700 in response to the breach, prices have once again went down and looming the same levels. But the bearish market sentiment hasn’t managed to push markets into a complete selloff in spite of the fact that bitcoin prices saw a monumental rise through the last few months. While this rally appears to be going off at the moment, a return wouldn’t be too unlikely if we see an easing of selling pressure.